Remittances rise at a faster clip in June

Manila, Philippines – Money sent home by Filipinos working and living abroad rose at a faster pace of 3.7 percent in June, marking a second straight month of acceleration, according to central bank data released on Friday, Aug. 15.

Remittances reached $2.99 billion in June versus $2.88 billion year-on-year. The six-month tally is now $16.75 billion, an annual 3.1 percent growth.

Land-based overseas Filipino workers (OFWs) accounted for the much bigger share of $2.43 billion, or up 3.7 percent year-on-year, while those sea-based accounted for $555 million, a 3.5 percent increase.

The United States remains the top source of remittances in January-June, followed by Singapore, and Saudi Arabia.

The Bangko Sentral ng Pilipinas defines cash remittances as cash sent by land-based and sea-based workers through the banking system.